P I Industries Ltd reported Q2 FY27 numbers with revenue of Rs. 1,701.80 Cr (-9.10% YoY) and PAT growth of -70.10% YoY. Here's a quick read of what worked, what to watch, and what management said.
| Results date | November 04, 2026 |
|---|---|
| Revenue (Q2) | Rs. 1,701.80 Cr (-9.10% YoY) |
| PAT (Q2) | Rs. 122.20 Cr (-70.10% YoY) |
| EBITDA margin | 13.90% (-1510 bps YoY) |
| EPS (Q2) | Rs. 8.05 (-70.20% YoY) |
Q2 FY27 was a severe operating deterioration: revenue fell 9.1% YoY, gross margin compressed ~720 bps QoQ to 49.5% against management's ~58% target, EBITDA margin halved to 13.9%, and PAT fell 70.1% YoY with the ETR spiking to 33.6% versus guided ~24%. Management's FY27 revenue growth guidance now requires a high-teens-to-low-20s H2 inflection that current trends do not support. Offsets are cash quality (H1 CFO 2.43× PAT, FCF positive at Rs.234.7 Cr), a Rs.3,603.5 Cr net cash balance sheet, and a narrowing Pharma segment loss.
| Driver | What happened | Verdict |
|---|---|---|
| Exports "behind… global demand was still weakening" | Revenue −9.1% YoY | Played out |
| Broker preview (per pre-call note): "EBITDA down ~30% y/y" | EBITDA −56.5% YoY — far worse | Played out |
| Domestic "in-line-to-behind" | No geographic split in filing | Not observable |
| "Gross-to-EBITDA gap more likely widens than narrows" | GM 49.5% vs 56.7% | Played out |
| "Compressing risk at the EBITDA line" | 13.9% vs 21.7% Q1 | Played out |
| Pharma/biologics loss "plateauing?" watch item | Loss narrowed to Rs.(60.1) Cr from Rs.(81.6) Cr — improving | Played out |
| Contract assets trend to Rs.500–700 Cr | Rs.738.2 Cr, above band — still above | Played out |
| ETR path toward ~24% | 33.6% | Contradicted |
Read our full results preview.
| What management said | Where | What happened | Verdict |
|---|---|---|---|
| FY27 revenue growth positive, "lower single digit" | Q4 FY26 earnings call | Q2 −9.1% YoY; H1 −9.8% YoY — H1) — needs deep H2 inflection | Off Track |
| FY27 gross margin maintained at prior-year average (~58%) | Q4 FY26 earnings call | 49.5% | Missed |
| FY27 ETR inching to ~24% | Q4 FY26 earnings call commentary | 33.6% | Above guided level |
| FY27 capex Rs.700–800 Cr | Q4 FY26 earnings call | Rs.655.2 Cr in H1 | On Track |
| CSM turn positive YoY in FY27 | Q4 FY26 earnings call | Agro revenue −10.1% YoY; split not disclosed | Too Early / not derivable from filing |
| Pharma CRDMO Rs.500–600 Cr in 2–3 yrs | Q4 FY26 earnings call | Rs.130.1 Cr in H1; loss narrowing | Too Early |
| Pharma EBITDA positivity at Rs.400–500 Cr topline | Q2 FY26 call commentary | Revenue Rs.75.9 Cr; PBT Rs.(60.1) Cr | Too Early |
| Contract assets steady-state Rs.500–700 Cr | Q4 FY26 call commentary | Rs.73.8 Cr | Above band |
Disclaimer: This results analysis is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.